3 Tips for Picking the Right Healthcare Plan

One of the questions I seem to get most this time of year falls along the lines of, “How do I know I am picking the right healthcare plan for my family?”. Healthcare can be expensive, especially if you don't know what the different options are! Have no fear, Mama J has heard your call, and is here to help!

No time to watch? No problem! Here are the main points you'll want to know!

1- KNOW YOUR STUFF!

HSA? FSA? HRA? Premium versus out of pocket cost? Knowing the lingo for your healthcare options helps making the decision on which plan is best for you and your family so much less stressful! Luckily, United Healthcare's new website comes equipped with a quiz that checks to see if you are a health plan pro! It makes learning about your healthcare plan options fun! They are giving away prizes to those who complete the quiz! How does a $500 grand prize, and $100 weekly prize sound?! Amazing, right?!

2- WHAT FITS BEST FINANCIALLY?

Would a low premium, high out of pocket cost option be best for you? Or maybe a low out of pocket, high premium plan, instead? After evaluating how often we go to the doctor, a low premium, high-deductible plan was best for us. We are relatively healthy, so paying a bit more when we need to visit the doctor made most sense for us. Think about your needs, and weigh out your options.

3- CONSIDER YOUR NETWORK

Do you have a pediatrician you love? Are you planning to have a baby soon? If there are specialists, or certain doctors you prefer visiting, make sure you choose a network that covers those physicians. Otherwise, you'll be paying out of pocket to visit them… and that can add up QUICKLY!

BONUS TIP!

Open a health savings account! The money you put into this account is tax-free! Many employers offer them along with healthcare plan options; or you can always look into getting one yourself! If that isn't an option for you, open an additional savings account dedicated to medical savings. Then, when you need to visit the doctor, you have a slush fund of savings to pay for what you need!

What tips do you have when it comes to choosing the right healthcare plan? Share with me in the comments below!

Dental is different from Health, unfortunately! Our family has health insurance, but not dental – we pay out of pocket for dental because insurance is so expensive. We save hundreds by just paying out of pocket. However, if you are employed (we are self-employed) maybe it’s a package deal that you could take advantage of!

I can definitely see why you would want to buy health insurance based on your family’s financial situation. My son currently struggles with a serious illness which has really taken a toll on our family. I definitely think that we should find an insurance broker that could help us to find a plan that suits our son’s needs for treatment.

Hi, I'm Jordan

AKA, the Fun Cheap or Free Queen. As a Family Finance and Frugal Living expert, my mission is to redefine frugal and teach you to live an ABUNDANT life...on any budget. It's not only possible, it's FUN. Want proof? Read my story and see... [read more]